This week Bank Nifty spot went down 143 points over last weeks close and went up by 573 points and finally ended the week with a gain of 322 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 21300 to confirm uptrend and Bank Nifty spot needed to break and sustain below 20945 to confirm downtrend for the week. Bank Nifty made a high of 21696 and a low of 20979.55
This week Bank Nifty triggered our long trade and completed nearly 5 targets giving us nearly 450+ points from the long trade . Had mentioned in the previous weekly post that ' Bank Nifty needs to sustain above 21300 to continue upmove till 21878 with resistance near 21489 - 21536 levels. Breaking and sustaining below 20945 we can see a down move till 20369 with support near 20757 - 20709 levels .
For positions entered with a cbsl of 17608 from December we had a trailing cbsl of 20896 which was taken in March . We had seen Bank Nifty reverse from those levels by 3700+ points initially in March before the trailing cbsl was taken giving over 3200+ points . Had mentioned in the previous weekly post for last week 'Those who are looking to enter Bank Nifty longs now on corrections should keep a cbsl of 20708'
For the month of April we can expect uptrend in Bank Nifty spot on a consecutive close above 21805 and downtrend in Bank Nifty spot on a consecutive close below 21083. Had mentioned last month 'For the month of March we can expect uptrend in Bank Nifty spot on a consecutive close above 20932 and we can expect downtrend in Bank Nifty spot on a consecutive close below 20283' and we got nearly 750+ points once it closed above 20932 in March .
In the coming week Bank Nifty spot needs to break and sustain above 21620 to confirm uptrend and then one can expect a move till 21805 initially and breaking and sustaining above 21850 will give further confirmation of the next move which can take us till 22185. Similarly Bank Nifty spot needs to break and sustain below 21270 to confirm downtrend and then one can expect a move till 21085 initially and breaking and sustaining below 21039 will give further confirmation of the next move which can take us down till 20705.
Bank Nifty Spot Levels for the week are
Long above 21552 , Tgt 21620 - 21672 - 21725
IF Bank Nifty spot manages to get a close / sustain above 21805 then
long again for 21850 - 22010 - 22185
Short below 21335 , Tgt 21270 - 21215 - 21160
IF Bank Nifty spot manages to get a close / sustain below 21085 then
short again for 21040 - 20880 - 20705
P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.